Stable gold prices globally

Gold prices stabilized today, ahead of the Federal Reserve (US Central Bank) meeting regarding monetary policy, amid keen anticipation of the bank’s expectations regarding the path of interest rates in 2025.

Gold in spot transactions witnessed a slight change to $2,653.43 per ounce by 06:03 GMT, while US gold futures settled at $2,671.00.

Jigar Trivedi, senior analyst at Reliance Securities, said: “The market is almost completely unanimous in (expecting) a 25 basis point cut, but the expectations for 2025 and the statements of (central bank chairman Jerome) Powell will be key to getting a sense of the Federal Reserve’s position in the future.” Regarding the first half of next year.”

Later today, the Federal Open Markets Committee is scheduled to begin its final policy meeting for 2024, and will announce its decision on interest rates tomorrow.

According to the CME’s Fed Watch tool, markets expect 95.4 percent of a quarter-point rate cut at the meeting, but only 16.3 percent expect a similar cut in January.

The Bank of Japan, the Bank of England, the Riksbank and the Norges Bank are expected to issue policy decisions on December 19.

Non-yielding gold prices typically rise in low interest rate environments and during economic or geopolitical turmoil.

As for other precious metals, silver fell in spot transactions by 0.2 percent to $30.47 per ounce.

Platinum fell 0.7 percent to $929.05.

Palladium fell 0.3 percent to $944.59.